Usually with a bank or building society, the money you put in earns interest, giving a guaranteed lump sum.
The annual tax-free Personal Savings Allowance is £1,000 (£500 for higher rate taxpayers) for savings income or interest. Therefore most people will not pay tax on their savings interest.
Savings accounts are traditionally seen as short-term savings options. So, if you’re just saving for a year or two, they usually fit the bill.